The Impact of Digital Transformation on Enterprise Value — The Moderating Role of Executive Education Background
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v6i5.4526
Abstract
This study examines the impact of digital transformation on enterprise value and the moderating role of executive education background, using panel data from Chinese A-share listed companies (2015–2023). The results indicate that digital transformation significantly enhances enterprise value. Furthermore, executive education background positively moderates this relationship, strengthening the value-enhancing effect of digital transformation, which underscores the critical enabling role of executives' cognitive capabilities and digital literacy. Heterogeneity analysis reveals that this effect is more pronounced in non-state-owned enterprises and firms located in eastern China. These findings provide new insights into the value-creation mechanisms of digital transformation and offer practical guidance for optimizing corporate digital strategies and executive team composition.
Keywords
digital transformation; enterprise value; executive education background; moderating effect
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[3] Zhang, Y., Yang, L., Fu, H., & Song, Y. (2025). Digital transformation, carbon information disclosure, and enterprise value: Empirical evidence from listed companies in the energy industry. Friends of Accounting, (15), 20–28.
[4] Xu, C., Zhang, Y., & Liu, H. (2020). Can a high-quality educational background of the TMT enhance enterprise value? A chain mediation model based on R&D investment and market power. Productivity Research, (6), 68–72.
[5] Yue, X., & Xu, H. (2024). The impact of TMT overseas background heterogeneity on enterprise value: A dual innovation perspective. Commercial Accounting, (8), 71–75.
[6] Simon, D. G., Hitt, M. A., & Ireland, R. D. (2007). Managing firm resources in dynamic environments to create value: Looking inside the black box. Academy of Management Review, 32(1), 273–292.
[7] Li, Z., Xiao, X., & Ge, G. (2025). The value creation mechanism of digital transformation: The perspective of ambidextrous innovation synergy and institutional environment. Commercial Research, (4), 109–120.
[8] Wu, F., Hu, H., Lin, H., et al. (2021). Corporate digital transformation and capital market performance: Evidence from stock liquidity. Management World, 37(7), 130–144.
[9] Qi, H., Li, C., & Liu, Y. (2024). The corporate governance effect of digital transformation: Based on the perspective of management perquisite consumption. Reform, (4), 108–125.
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